Laurus Lab’s net profit increased 15 per cent at ₹233 crore in the second quarter of the current financial year ended September 30, 2022 compared to ₹204 crore in the same quarter last year.
The total revenue of the Hyderabad-based company grew by 31 per cent at Rs ₹1,576 crore as against Rs ₹1,203 crore in the corresponding quarter of the previous year.
“In the First Half of 2023, Laurus Lab’s delivered healthy results. It reflects our efforts towards strengthening and diversifying our business by increasing revenues from Contract Development and Manufacturing Organisation and Non ARV API and Formulations,’‘ Satyanarayana Chava, Founder and Chief Executive Officer, Laurus Labs said.
``Antiretroviral Finished Dosage Formulations performance was very weak, impacted by lower volumes and adverse pricing but we expect good reversal in H2. We have developed a Novel Delivery for Pediatric HIV treatment and expect to file an NDA shortly. This should significantly enhance our market position,’‘ he added.
According to him, the company’s capital allocation priorities would remain unchanged and it would continue to prioritise investments in its pipeline and business within Non-ARVs to realize the value of the several mid and long-term opportunities.
``Looking forward to Second Half 2023, we expect to deliver a strong underlying Revenue growth and stable EBITDA margins of about 30 per cent in FY2023.’‘ Chava said.